Pen Needles Market Is Projected To Witness Growth At CAGR Exceeding 13.0% From 2014 To 2025 | Million Insights

September 1209:062017

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According to new report available with Million Insights, Rising prevalence of diabetes has led to the rise in demand of pen needles. Technological advancements in pen needles and the rising number of overweight or obese people also contributes to the growth of the market.

Industry Insights

The global pen needles market was valued at USD 1.5 billion in 2015, which is projected to grow at a CAGR of more than 13.0% during the forecast period. Rising prevalence of diabetes has led to the rise in demand of pen needles. According to the WHO, in 2014, 422 million people had diabetes and it is estimated that it would be the 7th leading cause of death in 2030. With the increase in population of this disorder, the market is estimated to grow rapidly over forecast period. The rising number of overweight or obese people also contributes to the growth of the market. According to the Diabetes. Co. UK, obesity accounts for 80% to 85% chances of developing type 2 diabetes. Excess abdominal fat, increases the chances of having this type of disorder.

Pen needles helps in easy delivery of drug to the patient. They are used in conjunction with insulin pens because of its accuracy in dosage delivery and can be easily used visually impaired and elderly people.

Technological advancements in pen needles are further expected to drive market growth. The market players are majorly focusing on developing new products with respect to the length of the needle. Short length pen needles can be easily used by everyone including overweight, children, and the patient with phobia of needles. For instance, in 2014, Novo Nordisk made NovoFine Plus, the thinnest and shortest needle commercially available in the U.S.

Pen needles when used in conjunction with insulin pens provide easy and convenient drug delivery process when compared to the traditional method of syringes and vials. Syringes are comparatively large and create difficulty in self-administration. On the contrary, pen needles have pointed tips, which penetrate easily into the muscle of the patient. It eliminates the risk of needle stick injuries.

Product Insights

In 2016, standard needles held the largest market share because of its daily usage by diabetic patients. People with dexterity and visually impaired patients use these products because it has a clear screen with clicks that are easy to hear and ensures that proper dosage is administered. However, these are expected to witness slow growth in near future owing to the high risk of needle stick injuries restricting the safe applicability of pen needles. Rising number of diabetes patient, cost effectiveness, and rising awareness level regarding the usage of these products contribute to the growth of this segment.

Safety pen needles are anticipated to witness attractive growth over the forecast period due to the growing technological advancements in this field. It helps to minimize the risk of needle stick injuries amongst patients. For instance, BD AutoShield Duo pen needle, has shields over front and back ends of needles and does not require pinch up, thus, reducing the risk of needlestick injury.

Needle Length Insights

Based on the length of the needle, 8mm sized pen needle dominated the market in 2016. All people along with those suffering from obesity commonly use these needles for insulin therapy. These needles also ensure faster and better delivery of the drug delivery.

Needle length of 4mm is expected to showcase fastest growth over the forecast period owing to its short length. The accuracy of the pen needle to get the insulin to the fat layer is 99.5% of the time at all the injection sites. It does not offer resistance while injecting and provides greater comfort as compared to other injections. The sharp tip of these needles helps to reach the subcutaneous tissue very easily without much pain.

Therapy Insights

On the basis of therapy, insulin therapy dominated the market in 2016 and expected to witness lucrative growth over forecast period. This is due to increasing number of patients with diabetes and increasing level of awareness about self-administration amongst type 1 and type 2 diabetes.

GLP-1 therapy is also expected to showcase lucrative growth over the forecast period as it can be used to enhance the glucose control in the adults with type 2 diabetes. Several companies such as Novo Nordisk are focusing on expanding the market of GLP-1.

Regional Insights

In 2016, Europe dominated the market because of the growing prevalence of diabetes in the region. According to Diabetes UK, 4 million people are found to be suffering with diabetes. Moreover, the UK government is taking initiatives to raise awareness among people and invest in diabetes care and research so that better treatment techniques and facilities are available for diabetic patients.

Asia Pacific is expected to witness fastest growth over the forecast period owing to rising awareness about availability of technologically advanced products for treatment of diabetes. The changing lifestyle of people has also led to the increase in number of people with type 2 diabetes.

In order to fulfill the unmet needs of the patients with diabetes, most of the companies go for regional expansion, development of new products with improvised technology and mergers & acquisitions. For instance, in 2013, the launch of BD Autoshield Duo Safety Pen Needle by Becton Dickinson and Company in UK and Ireland aimed at minimizing needle stick injuries in those countries.

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